NerdWallet’s Best No Annual Fee Credit Cards, Fall 2014
In a world that has taught us to always look for a catch, it’s difficult to believe a no fee credit card is a fair (or safe) bet. But no, they aren’t too good to be true – some no fee cards still offer high rewards and reasonable interest rates. If you don’t consider yourself a jetsetter or like to save a little more than you spend, you can still rack up rewards without handing over a fee each year.
What’s even better is that you can just stash this card away and keep the account open indefinitely. This way, you’ll boost your credit score by raising your overall credit limit and account age. Whether you’re into cash back or low interest payments, there’s a no fee card out there with your name on it. Here are our picks for the top no fee credit cards.
The Chase Freedom
The Chase Freedom provides versatility and value, at no cost. It offers 5% cash back in rotating bonus categories, such as department stores, restaurants and home improvement. Gas is featured as a bonus category in two quarters, so you’re earning an average of 3% on gas purchases throughout the year. Your bonus rewards are capped at $1,500 in purchases each quarter, but you can get an unlimited 1% back in non-bonus categories. Add that to a 15 month 0% intro APR period on purchases and transfers, and you’ve got yourself quite a card with a $0 annual fee.
The Discover it®
The Discover it® card offers a one-two punch: 5% cash back on bonus categories that change every quarter up to $1,500 spent, plus 18 months of 0% APR on balance transfers – the longest among $0 annual fee, cash back credit cards. This is a pretty great offer, featuring no foreign transaction fees and access to the Discover Deals online rewards mall, which earns 5-20% cash back on popular online retailers. The card pays out in cash, so you don’t have to do battle with point programs to get your full value. If you’re looking for a solid value and a great bonus to boot, the Discover it is for you.
The Citi® Double Cash Card
The Citi® Double Cash Card rewards you twice — that’s right, twice. It gives you 1% cash back on all purchases and an additional 1% back once you pay off said purchases. On top of that, there are no caps on the amount of rewards you can earn. The Citi Double Cash boasts a $0* annual fee, 0% APR for 15 months and cash or statement credit redemption starting at just $25. It comes EMV chip-enabled and offers a waived fee on your first late payment and a flexible due date. This is a great card for those who want high cash rewards and hate annual fees!